Sibanye cuts fewer jobs than planned in Marikana restructuring

The 64-year-old American-Belgian citizen has become the first businessman ever arrested for suspected involvement in the illegal trade of “blood” diamonds.

The Vancouver-based miner aims to produce 280,000 to 300,000 tonnes of the red metal a year, but commercial levels won't be reached until state power utility Zesco finish connecting the mine to the power grid.

With the only exception of gold, production numbers for most other commodities mined in the Central African nation are also expected to decline this year.

The sale follows last month’s touted deal with Stanmore Coal, which bought Vale's Isaac Plains coal mine for just a dollar.

An arbitration tribunal is set to decide in October whether Acacia Mining has to pay a $115 million compensation claim to a former partner in Tanzania.

Despite current adverse conditions, advisory firm Behre Dolbear is recommending mining stakeholders to focus on markets that have been able to ride the wave relatively well so far.

The goal is to develop an image algorithm that can classify material in a gold mine as high, medium or low grade ore, or waste.

The price for the two assets could rise to $500m from $200m, depending on an eventual recovery of copper prices and the execution of an expansion plan for the Mantoverde mine.

The company said is not keen on Rio Tinto's thermal coal assets, currently up for sale.